Homework on Consensus - Questions

Blockchain and Bitcoin 101
#4942
  1. It takes the whole network group deciding on the transaction to enable it to happen therefore it will be recorded in the ledger for provenance
  2. Historically the Database has been a singular “Gatekeeper” of the transactional information and they are to be believed based upon their own justifications and can change or alter these bits of information without consulting the “Players” or Owners…not trustworthy or transparent.
1 Like
#4943

  1. What does it mean when we say that in blockchain, consensus determine the truth?
    the entire network can verify a transaction and agree in an honest way by receiving financial incentives.

  2. How is this different from how truth is determined in a central database?
    It’s decentralized and trustlessly verifiable.

1 Like
#4944

Homework on Consensus - Questions

  1. What does it mean when we say that in blockchain, consensus determine the truth?

Everybody who holds a node ina blockchain is incentivized (by some mechanism) to always tell the truth. Therefore, only true information gets recorded in the blockchain.

  1. How is this different from how truth is determined in a central database?

Again, in a central DB people need to rely on other people who manage the DB who, on the other hand, must gain everybody else’s trust

1 Like
#4945
  1. What does it mean when we say that in blockchain, consensus determines the truth?
    The blockchain network checks all transactions and if they are not in agreeance then the consensus will be to not accept the aforementioned transaction
  2. How is this different from how truth is determined in a central database?
    In a central database type system everybody relies on everyone else in the database to be truthful which means anyone can be deceptive
1 Like
#4946
  1. What does it mean when we say that in blockchain, consensus determines the truth?
    It is verified by consensus through a system of networks
  2. How is this different from how truth is determined in a central database?
    It is more than one network, and so it is decentralized
1 Like
#4947

As all participants in the blockchain verify states or transitions by same set of rules, the results derived by most participants become the consensus of the “truth” and permanently recorded into blockchain.

Participant who run the central database determine what can be written into database, hence that participant determine the “truth”, instead of going through a process to seek for consensus.

1 Like
#4948

#1 Consensus is determined through several parties on a blockchain verifying the transaction.

#2 On a central database you have to rely on trust rather than having a blockchain of several computers verify any transaction.

1 Like
#4949

1.What does it mean when we say that in blockchain, consensus determine the truth?

Everybody is exchanging data in realtime to everybody, so everyone can confirm the contents in terms of wrong or false.

  1. How is this different from how truth is determined in a central database?

A central database is controlled by someone, so everybody without control, have to trust those owners.

1 Like
#4950
  1. agrement of the copies of the blockchain ledger
  2. central database owner can manipulate truth
1 Like
#4951

  1. It means that we all want the same thing and if there was a way to cheat the blockchain or bitcoin then the consensus would devalue the concept.

  2. In a central database it is difficult to determine truth due to parties within the chain such as the government, banks etc or bodies which can intervene.

1 Like
#4952
  1. A block in the chain is truth. Without agreement there is no block; therefore, if there is a block then there was a consensus.
  2. Often, a single person can enter cells in a database.
1 Like
#4953

(1) In blockchain several parties are involved a network of computers as I understand in BTC they are termed ‘full nodes’ and these parties can provide “consensus” thereby verifying data real world as a glimpse pretty quickly of where you stand in that network community. The incentive to make money is important too. It is why I am here. A company can see where they stand with blockchain quick without audits, transaction ledgers. (2) We talked previously about how erasures, fraud, embezzlement about anything that could go wrong with data transmissions. Pretty reliant on trust, audits, transactions ledgers, etc. whatever companies do.

1 Like
#4954

  1. Consensus cannot be invented, it is an agreement shared by multiple computers that have financial incentive to verify the truth so they would call out the bad information.

  2. In a central database there is one determinate program for the answer, which can be corrupted and kick back or validate incorrect information and call that the truth.

1 Like
#4955
  1. It means several parts decide on something, once each part has access to the whole picture or the whole process.
  2. Basically Consensus is part of Trustless. You don’t have to trust once you can verify everything.
1 Like
#4956
  1. What does it mean when we say that in blockchain, consensus determines the truth?
    We do not trust any single person. It is decentralized and what everyone is stating on the network is taken as truth
  2. How is this different from how truth is determined in a central database?
    It is not centralized and Source of Truth is the overall network, not just one node
1 Like
#4957

*What does it mean when we say that in blockchain, consensus determines the truth?
The significance of the idea behind consensus determining truth lies in the fact that multiple computers are able to validate information (in bitcoin for example, that information is regarding finance. i.e. is there enough bitcoin in a wallet to send, or is this address a real address, etc.). if a larger number of computers in a blockchain verify a transaction, it is said that consensus is reached

*How is this different from how truth is determined in a central database?
in a central database, the truth is whatever the centralized authority deems it to be…

1 Like
#4958
  1. What does it mean when we say that in blockchain, consensus determines the truth?
    • Consensus means that all, or at least the majority of the network participants are agreeing about the data presented on the blockchain.
  2. How is this different from how truth is determined in a central database?
    In a central database, only one instance holds all the information and all network participants have to go to that central database in order to gain information. That means if the database was tampered with, it would be difficult to find out what exactly is wrong, or who changed the information.
1 Like
#4959

  1. its validated by the groups (nodes) who check there own general ledger copy and verify and decide if the transaction is valid or not. Its not done by a single person or entity.

  2. in blockchain you (the nodes) get incentives for telling the truth where in central database it can be the truth or what has been decided regardless if its true or not

1 Like
#4960

  1. It means that when the computers on the network reach consensus they have verified what is true.

  2. In the case of a central database a central authority decides what is true.

1 Like
#4961

WHAT DOES IT MEAN WHEN WE SAY THAT IN BLOCKCHAIN, CONSENSUS DETERMINES THE TRUTH?
Blockchain technology does not cater to gaps, everything has to be checked and balanced against the preceding block before a new block of approval can be created. If there is a gap, the chain cannot move forward and this occurs by consensus amongst many miners referring to the same digital ledger.

HOW IS THIS DIFFERENT FROM HOW TRUTH IS DETERMINED IN A CENTRAL DATABASE?
A central database is compartmentalised and controlled by a designated few. It does not operate by an unbroken chain of evidence that can be scrutinised by all. The truth is determined by the last verified block by consensus that was verified by the one preceding it. Centralisation creates compartmentalisation and gaps in movement.

1 Like